Mel Stride MP: speeches 2025

Speeches

• 15 Jul 2025 · Taxes · Hansard source

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  I think this debate is actually about the tax policy of this Government. As I have clearly set out— [ Interruption. ] To be fair, there was the small matter of covid, which came along and shrank the UK economy by 10% overnight. People at the time speculated that we would see mass unemployment, the like of which our country had never, ever seen, yet through our intervention we ensured that that did not happen. Likewise, when the Ukraine-Russia war brought inflation to our shores through energy price spikes, peaking at 11.1% at the back end of 2022, we took the tough decisions, along with the Bank of England, to bring that inflation down. In the meantime, we protected millions of low-income families up and down the country from the consequences of that inflation. That came with a £400 billion price tag, so it is not surprising that some taxes had to rise in order to pay for that.

• 15 Jul 2025 · Taxes · Hansard source

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  Well yes, exactly. The Government will look to any floating branch or whatever to cling on to, to try to look a little better than they truly are. We have seen a Government who have indulged in spending like it was the 1970s. The result of that has been to push up inflation, which has led to interest rates being higher for longer than they otherwise would have been. It is all very well for Labour Members to trumpet the fact that there have been four interest rate cuts since they came into office. The reality is that if they had not lost control of inflation, there would have been more and they would have come more quickly. The headroom that the Chancellor has against her fiscal targets is wafer-thin. This is the usual Labour way: spending and spending and spending until it runs out of other people’s money.

• 15 Jul 2025 · Taxes · Hansard source

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  My right hon. Friend is absolutely right, and under his stewardship, things were so much better. As he points out, the Government have resiled from any attempt to control the welfare bill—an unfunded tax commitment of £5 billion. That, plus the U-turn on the winter fuel payment, is more than £6 billion of unfunded commitments that the Government are responsible for—unfunded commitments that they said they would never see themselves making. He is absolutely right: the legacy that he left when he was Chancellor in the previous Government was the highest growth in the G7 for our economy. We had near record levels of employment, and near record low levels of unemployment. We had had 13 consecutive months of real wage growth, and inflation had been brought down from over 11% due to the Ukraine war, to bang on 2% on the day of the general election. Where is inflation now? It is almost double what the Government inherited.

• 15 Jul 2025 · Taxes · Hansard source

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  I think what the hon. Gentleman said was a gross impertinence, Madam Deputy Speaker. He also referred to you as an absolute “shower”, which is totally unreasonable. I have always been a great admirer of yours, as you know, and always will be. [Hon. Members: “ Name him!”] Name the hon. Gentleman—quite. We have a Government who are grossly incompetent. As soon as they came into office, what did they do? They talked down the economy. It is no surprise that the British Chambers of Commerce is now saying that the No.1 concern of its members is high taxes, or that the latest survey by the Institute of Chartered Accountants in England and Wales once again shows that business confidence is down—and that is for the fourth survey in a row.

• 15 Jul 2025 · Taxes · Hansard source

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  My right hon. Friend is absolutely right. When it comes to criticising this Government, it is always confusing whether to address those on the Front Bench or on the Back Benches, because they are never quite in the same place. The big mistake that the Government made was to talk down the economy by going on about this confected black hole of £22 billion—something that the Office for Budget Responsibility has already debunked. The Government should stop using that number. They are the ones who created a black hole of some £6 billion, as I have just set out, and they should focus not on the black hole that they have invented, but on the one they have created. It is that black hole that is creating speculation across the summer about what will happen in autumn, damaging confidence and damaging businesses up and down the country.

• 15 Jul 2025 · Taxes · Hansard source

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  It would be sensible for the hon. Lady to look at those on her own Front Bench and ask why they take these appalling anti-business decisions. The answer is that hardly any of them have any experience of private business or of setting up a company—in fact, not one senior Front Bencher from her party has that. That is unlike the Conservatives—whether that is myself; the shadow Home Secretary, my right hon. Friend the Member for Croydon South (Chris Philp); the shadow Business Secretary, my hon. Friend the Member for Arundel and South Downs (Andrew Griffith); or others—who actually understand the real world of business.

• 15 Jul 2025 · Taxes · Hansard source

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  I would be delighted to talk the hon. Gentleman through that. The preceding Labour Government left this country with a deficit of 10.1%, or £160 billion a year, so clearly we had to get on top of that deficit. It is a simple fact of economic life that if a country is running a large deficit, its debt increases, but by the time of covid, we had largely settled that deficit. For the reasons that I gave a moment ago, of course we added to the debt and the deficit at that point, because we had to intervene to stabilise the economy. However, the inheritance that we received in 2010 was the start of that debt climbing. The hon. Gentleman should acquaint himself with the economic history. What approach can this Government take in the autumn? They are not going to be saved by growth—that is for the birds. The OBR, the Bank of England and the International Monetary Fund have all downgraded growth, and the Office for National Statistics recently announced that for the second month in a row, we have had an economic contraction. How else might the Chancellor make the numbers add up? Well, despite Ministers insisting that their commitment to the fiscal rules remains non-negotiable, there are reports of potential changes to the broader fiscal framework, including the early use of the flexibility of a 0.5% of GDP range for the current budget target, which would allow £12 billion to £13 billion of extra borrowing. However, that would be a breach of faith. There are similar reports that Ministers might move to just one OBR forecast a year, to avoid an embarrassing emergency Budget like the one we saw in March. However, that would completely abandon the commitment not to sideline the OBR, so when the Minister comes to the Dispatch Box will he reconfirm that the Government’s commitment to the fiscal rules also applies to the fiscal framework, and that we will continue to have two OBR forecasts per year? The Government should be looking not for yet more borrowing, but to rein in spending. However, the welfare debacle shows that they are utterly incapable of doing that, so that leaves just taxes. The motion before us today simply asks the Minister to confirm the Chancellor’s commitment not to extend the freeze on tax thresholds. She specifically said in her Budget speech that such a move “would hurt working people. It would take more money out of their payslips.” —[ Official Report , 30 October 2025; Vol. 755, c. 821.] When the Minister comes to the Dispatch Box, will he confirm that he, too, holds that position? Will he also rule out wealth taxes? We have already seen tens of thousands of people—high net worth individuals—leaving our country. I know that socialists may say, “Good riddance to them—they are wealthy”, but the Adam Smith Institute calculates that the tax forgone as a consequence of their departure is equal to the tax paid by around half a million people on average earnings. The Labour party has no plan to stem that exodus of talent and wealth creation. Whatever decisions are taken in the autumn, they will be bad ones, and as nervous markets look on, they may prove disastrous. It may even be that this Government take us to a dark place; it is hoped not, but if history is any guide to the future, the lights are surely flashing red. Surely, too, the British people, those hard-working men and women up and down our country—the businesses, the entrepreneurs, the farmers who toil all hours, our charities, our hospices, our veterans, our elderly, and all those who embody the very best of all that our country can be—deserve answers about the promises made to them, and about whether their pay packets, their pensions and their savings are safe. Surely, they deserve better than this wretched, rotten and defunct Labour Government.

• 7 Jul 2025 · Government Performance against Fiscal Rules · Hansard source

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  (Urgent Question): To ask the Chancellor of the Exchequer if she will make a statement on the Government’s performance against the fiscal rules.

• 7 Jul 2025 · Government Performance against Fiscal Rules · Hansard source

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  It certainly is now, Madam Deputy Speaker. If Ministers are to begin putting their house back in order, that must start right now with full transparency and proper answers.

• 7 Jul 2025 · Government Performance against Fiscal Rules · Hansard source

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  Devon.

• 7 Jul 2025 · Government Performance against Fiscal Rules · Hansard source

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  The Chancellor said that she would not make any commitments that were not “fully funded and fully costed”, but the Chief Secretary to the Treasury has just said that he now expects us to wait until the autumn to hear how the Government intend to cover the £6 billion of unfunded commitments that their U-turns have run up in the last month alone. A Government divided. A Government racking up unfunded spending. A Government wrecking the public finances. Why is the Chief Secretary not prepared to explain how they will fund these U-turns? There are surely only two possible answers: either the Treasury has made them without a clue as to how they will be funded, or it knows but is refusing to tell us. Either is completely unacceptable. Can the Chief Secretary set aside the usual blather that we have just heard and tell us whether he knows how these unfunded commitments will be paid for, or are his Government simply refusing to say? The House will also have noted the inherent contradiction in the Chief Secretary sticking to the line that decisions will be made at a fiscal event in the normal way, when that is precisely what the Government have not done. By losing control of the finances and of their own parliamentary party, the Government have made significant fiscal decisions outside of a fiscal event. The Chancellor said at the Budget that she would not be coming back with more tax rises. Is this still the position? Will the Chief Secretary rule out a wealth tax, along with reconfirming there will be no rise in income tax, national insurance or VAT? The Chancellor said that she would not extend the freeze on tax thresholds because it would hurt working people. Is this still the position? Can the Chief Secretary confirm that the Chancellor will not be adding to her fiscal black hole by scrapping the two-child benefit cap? Can I also ask whether consideration—

• 1 Jul 2025 · Topical Questions · Hansard source

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  The House will note that the right hon. Lady did not categorically rule out the possibility of changing the fiscal rules in the autumn. Given that, will she at least confirm that she stands by her commitment not to raise the rates of income tax, national insurance or VAT in the autumn? Is it a yes, or is it another potential U-turn?

• 1 Jul 2025 · Topical Questions · Hansard source

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  The winter fuel payment U-turn will cost £1.25 billion, and the welfare reform U-turn will cost £2.5 billion, all adding to Labour’s unfunded black hole. This is from a Chancellor who said that she would never make a spending commitment without explaining where the money was coming from—yet another U-turn. The Chancellor has also said that her fiscal rules are iron-clad and non-negotiable. Can she reconfirm that commitment now, or are we heading for yet another U-turn?

• 25 Jun 2025 · Engagements · Hansard source

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  Thank you, Mr Speaker. It is a pleasure to stand opposite the right hon. Lady. Despite what many may think, we have a great deal in common, not least that we both viscerally disagree with the Chancellor’s tax policies. It is also great to see the right hon. Lady standing in temporarily for the Prime Minister for the second week running—although I know that many sitting behind her wish that this was a permanent arrangement. Indeed, we will find many of their names among the 122 who have signed up to oppose the Government’s welfare Bill. They say that the Bill is dangerously rushed and ill-thought-through. Will the right hon. Lady explain why she thinks that she is right and 122 of her colleagues are wrong?

• 25 Jun 2025 · Engagements · Hansard source

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  The whole House will have heard that the right hon. Lady did not repeat the Chancellor’s promise not to raise taxes. Britain’s businesses have today been put on notice: tax rises are coming. Specifically, in the right hon. Lady’s own area, despite Labour’s promises to freeze council tax, the Institute for Fiscal Studies says that the spending review will mean the biggest council tax increases in a generation—a £7 billion tax rise. Yet the Chancellor and the Prime Minister have repeatedly claimed that the Government will not raise taxes on working people. Why does the right hon. Lady think that council tax is not paid by working people?

• 25 Jun 2025 · Engagements · Hansard source

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  I am afraid that the right hon. Lady has clearly not read her own legislation. The Bill will see the number of people on welfare rising for every single year going forward. There is no commitment from her to cut the number of people on welfare. Even if the Government manage to deliver these reforms, almost every respected economist now says that tax rises are all but inevitable in the autumn. But after the Budget, the Chancellor said, “I’m not coming back with…more taxes.” British businesses have been hit again and again by Labour’s economic mismanagement. They are desperate for certainty. Can the right hon. Lady give them that certainty now and repeat to the House the Chancellor’s promise not to raise taxes at the Budget?

• 25 Jun 2025 · Engagements · Hansard source

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  The right hon. Lady completely sidestepped my question. She cannot even defend her own Government’s policy. Can she at least assure the House that the vote on Tuesday will actually go ahead?

• 25 Jun 2025 · Engagements · Hansard source

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  There you have it: there will be a vote in this House on Tuesday on the welfare Bill, although many on the Back Benches could be forgiven for thinking that they have heard this before with the winter fuel payment, where they were marched up the hill, and we all know where that story ended. On the Conservative side of the House, we are absolutely clear that we will help the right hon. Lady get their Bill through if the Government can commit to actually reducing the welfare bill and getting people off benefits and into work. Can she make that commitment right now—yes or no?

• 25 Jun 2025 · Engagements · Hansard source

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  When you cut out the blather, is not the reality that this Labour Government have condemned us to higher taxes, more debt, fewer jobs and more pain for businesses up and down our country? Borrowing, unemployment and inflation are up, yet the right hon. Lady tells us that the Government’s plan is working. It is not just me who is not convinced; the Members behind her are not convinced either. Nor are the public. In fact, I am not even sure whether the right hon. Lady herself is convinced. Is she not just a little embarrassed to defend policies that she does not even agree with?

• 11 Jun 2025 · Spending Review 2025 · Hansard source

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  This spending review is not worth the paper it is written on, because the Chancellor has completely lost control. This is the “spend now, tax later” review, because the right hon. Lady knows that she will need to come back here in the autumn with yet more taxes, and a cruel summer of speculation awaits. How can we possibly take this Chancellor seriously after the chaos of the last 12 months? We were assured at the election that Labour’s plans involved barely any additional spending or borrowing. Now the Chancellor parades her largesse, with hundreds of billions in additional spending over this Parliament. The initial profile for that spending was, of course, significantly front-loaded, but the Chancellor now expects us to believe that she will let spending rise by only 1.2% a year. There is no chance whatsoever of that happening, for the lesson of the last year has been that when the going gets tough, the right hon. Lady blinks. She presented herself as the iron Chancellor, but what we have seen is the tinfoil Chancellor: flimsy and ready to fold in the face of the slightest pressure. She said she would not fiddle her fiscal rules; then she did. She said that she would not make any unfunded commitments; with the humiliation of the winter fuel U-turn, she just has. She looked business leaders in the eye and said no more taxes, but we all know what happened next, and we all know what is coming in the autumn. Her own Back Benchers, her Cabinet colleagues, Labour’s trade union paymasters and even the Prime Minister himself have all seen that she is weak, weak, weak. They can smell the blood. They will be back for more, and they will get it. These spending plans are a fantasy, and is it not the truth that the Chancellor has to maintain this fiction because she has left herself no room for manoeuvre? She is constantly teetering on the edge of blowing her fiscal rules, which she has already changed to allow even more borrowing. The only way she can claim to be meeting her rules is by pretending that she can control spending over the coming years, but let us look at the record so far. Borrowing in the last financial year came out £11 billion above even the Office for Budget Responsibility’s March forecasts, and 70% higher than the plans she inherited from the Conservatives. For someone so keen on borrowing, the Chancellor seems strangely reticent even to use the word. Indeed, Ministers bizarrely tell us that it is Labour’s fiscal rules themselves that have “generated investment”. The reality is a little more straightforward: they have loosened the fiscal rules so they can borrow more. They borrow and borrow and borrow, allowing the national debt to continue to rise higher every single year while Ministers pretend that it is not. There will be an eye-watering £200 billion of additional borrowing in this Parliament compared with the plans set out in the last Conservative Budget, with £80 billion more to be spent on debt interest alone. In fact, if the Chancellor had retained our fiscal rules— [ Laughter. ] Labour Members may laugh, but if she had retained our fiscal rules, as she said she would before the election, the OBR has confirmed that she would be breaking them right now. Our country is now vulnerable to even the smallest changes in the bond markets. Should we face a sudden external shock, we have no fiscal firepower left with which to respond, all thanks to the right hon. Lady’s choices. So can I ask the Chancellor: will she be open about what she has done? Will she admit that she has made a conscious choice to borrow more and to accept higher debts? Does she accept that this means interest rates and mortgages will be higher than they would otherwise have been, as the OBR itself has said? Given that she continues to claim that she has brought stability to the public finances, can I ask her what on earth her definition of “stability” is? The Chancellor must be delighted that she does not have to face a new OBR forecast today, because if she did, she would have to set out how she would fund her humiliating U-turn on winter fuel payments, having already blown the savings on buying off her trade union paymasters last year. She said this week that there was still “work to do to ensure the sums always add up”. From the person in charge of the nation’s finances, that is hardly reassuring. You do not need to have worked at the Bank of England for a decade to know that that pitiful utterance is unlikely to soothe the markets. So can the Chancellor confirm categorically that there will be no additional borrowing to pay for this chaotic reversal? And if that is the case, can she explain how on earth it can be paid for without raising taxes? Can she explain why, last summer, apparently to avoid a run on the pound, this measure was so urgent that pensioners had to be left in the cold over the last winter? What exactly has changed? Because it certainly has not been made possible by an improvement in the economy or the public finances, which the Institute for Fiscal Studies said this week are both in a worse state now than when Labour came into office. If we had an OBR forecast, we might also get some answers on how the Government intend to find £3.5 billion to abolish the two-child benefit cap, which we are led to believe is imminent—another addition to the ballooning welfare bill; another expensive surrender to the Labour left. And we would certainly get the OBR’s assessment of the economic outlook following the tariffs—changes that the right hon. Lady knew full well were coming. Meanwhile, her deluge of taxes and regulations has left business confidence at record lows, costing people their livelihoods. Only yesterday we saw the latest evidence of that. Figures for last month show that the number of people on payrolls fell by more than 100,000, after already falling by 55,000 in April. Unemployment is up by more than 10% since Labour came to office. The right hon. Lady may trumpet extra spending today, but is it not the simple truth that she has trashed the economy and left no contingency in the face of a highly volatile global outlook? Is it not the reality that the Chancellor knows she will have to come back in the autumn with more tax rises to fund these plans? Or can she assure us right now that this is not the case—yes or no? We know that the Deputy Prime Minister has helpfully provided her with an entire brochure of tax rises that she will no doubt be perusing over the summer—the Corbynist catalogue. Can the Chancellor confirm that, as promised, the income tax thresholds will not be frozen at the Budget, a move she herself said would hurt working people? What about the uncertainties in the departmental spending plan that the Chancellor has set out today? Can she assure us that these plans will not be topped up and that no backroom deals have been cut with disgruntled Cabinet Ministers? Can she assure us that the capital allocations announced today will actually be spent on capital and will not be diverted in-year, as she has done in the past, to day-to-day budgets to play more games with her fiscal rules? The Chancellor has had to impose a settlement on the Home Secretary because this spending review will not deliver for our hard-working police officers across the country. Instead, the Home Office budget gets squandered on asylum costs because this Government simply do not have a plan on illegal migration. As the Defence Secretary has admitted, the Government have “lost control” of our borders. Small boat crossings are up by 42% on the same point last year. On energy, at a time when businesses up and down the country are struggling with high energy costs, the Chancellor has chosen today to fund the Energy Secretary’s vanity projects such as GB Energy. And although we welcome the announcements on expanding nuclear capacity, the scale of ambition is a downgrade on the commitments made previously by the Conservatives. Labour barely mentioned farming in its manifesto, and now we know why. It is not enough to have hit the farmers of our country with a family farm tax; today, what we see in black and white is a choice to make further cuts to the vital grants on which many farmers rely. This is a huge betrayal of our farming communities, and something that many Labour MPs in rural areas will have to go back to their constituencies later this week to explain. On defence, we will always welcome any additional investment in our armed forces and capabilities, though I note nothing was said about when 3% will be achieved. All we heard was that intelligence services spending was to be included in defence spending to flatter the numbers. We left Labour a fully funded plan that they dithered over for a year, but now what we get is the Chancellor’s own black hole on defence spending and the lack of a timeline on when we will achieve 3%. Instead, we get a £30 billion bill for the Chagos surrender—money that should have gone to our brave armed forces rather than, as is being reported, funding lower taxation in Mauritius. The first tax cuts for which this Chancellor has been responsible are in Mauritius. We would have made different choices. We would not have killed growth with huge tax rises and new regulations. We would not have talked down our economy and the great businesses up and down our country. We would be focusing on efficiency and productivity in the public sector, not handing out pay rises with no strings attached. We would be getting a grip on welfare. Labour cancelled our plans for fundamental reform to health and disability benefits that would have seen 450,000 fewer people on long-term sickness benefits—that is a disgrace. Instead of proper reforms to PIP, the Government’s own plans are a rushed cost-cutting exercise—so rushed they even had to change them after they were announced. Their own Back Benches are in full revolt. Yet again, the Government talk tough, but there is no substance. The right hon. Lady has no grip. She has no clue. The markets and the public see a Chancellor completely out of her depth. Having blown her headroom and more from her Budget in the autumn, she was forced into an emergency Budget in March to scrabble around to try to repair the damage. Today she comes before us again with yet another fantastical tale that she knows will have completely fallen apart come the autumn. We are not left with stronger foundations, as she would have us believe, but rather another dose of that hallmark for which her actions have made her so renowned: uncertainty and failure. So there the right hon. Lady sits, powerless to resist her disillusioned MPs and her panicking Prime Minister, like a cork on the tide, the drumbeat for U-turns pounding in her ears. Yet her tone today suggests that all is well; the sunlit uplands await. What a hopeless conceit—a masterclass in delusion. Inflation is up, unemployment is up, growth is marked down, business and households are hurting, investors are fleeing in their droves, the bond market vigilantes circle—and here we have the Chancellor who refuses to listen, not only tinfoil, but tin-eared, too. Let me be clear: it is working people and businesses who will pay the price come the autumn, with yet more taxes to pay for her weakness and her failures. We cannot afford this spending review, and for many, the growing conclusion is that we cannot afford this Chancellor.

• 20 May 2025 · Business Costs: Impact of Autumn Budget · Hansard source

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  Only last week the right hon. Lady was trumpeting that the economy had turned a corner, but, as she has just said, it is barely a month since her disastrous jobs tax started to bite. May I ask her precisely which business confidence survey—just one—she can point to which supports her assertion that everything is coming up roses?

• 20 May 2025 · Topical Questions · Hansard source

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  Will the Chancellor explain what the Economic Secretary to the Treasury meant last week when she said that there will be no tax rises on individuals at the autumn Budget? Will the Chancellor similarly confirm that there will be no tax increases on businesses?

• 20 May 2025 · Topical Questions · Hansard source

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  What many up and down the country are asking is why that manifesto pledge not to impose taxes on working people was broken. Last week the Pensions Minister confirmed to the House that the Government would never interfere with the fiduciary duty of pension trustees to get the best return for their members, but when the Chancellor was questioned on that topic by Bloomberg the very same day, she said: “I am never going to say never”. This is chaos. The Government cannot even speak with one voice. It is clear that the right hon. Lady and the Pensions Minister cannot both be right, so will she now put the record straight?

• 13 May 2025 · Mansion House Accord · Hansard source

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  May I start by associating myself with the very fine tributes made to Sir Roy Stone? My condolences go to his family. No response from the Chancellor, we see, but I thank the Minister for his statement. The retirement incomes of millions of UK savers rely on the careful management of pension funds. Those pension providers have a fiduciary duty to act in the best financial interests of their members. We on the Conservative Benches support efforts to ensure pension funds are investing in assets that can both increase UK productivity and growth, and deliver stronger, stable returns for investors and savers. Indeed, that was the purpose of the first Mansion House compact, which was brokered by the last Conservative Government. As we well know, Labour Ministers have a habit of thinking they know best what to do with other people’s money, but it should ultimately be the responsibility of the providers, which have been entrusted by savers with their money, to make investment decisions. Reports that the Government intend to take new powers to mandate pension funds to allocate minimum amounts to specific classes of assets should be a matter of great concern to this House. Can the Minister confirm whether the Government intend to take such legislative powers in the pensions Bill later this year? If he cannot rule out making such a move, can he explain what it would mean for the existing fiduciary duties set out in legislation? Major players in the industry, including Scottish Widows, have reportedly refused to take part in the latest iteration of the Mansion House compact. Can the hon. Gentleman explain to the House why that is, what discussions he and other Ministers have had with Scottish Widows and others that have chosen not to take part, and what concerns they have raised? Let me be clear: we on the Conservative Benches want a pensions industry that is investing in growing UK businesses, infrastructure, housing and all those elements that drive a healthier economy, but it also has to be for the benefit of savers. Of course, the risks in this case would be borne entirely by private sector workers, while public sector workers would be protected. Finally, we are clear that pension savings should never be there to dig a Chancellor out of the economic hole that she has made.

• 13 May 2025 · Mansion House Accord · Hansard source

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  (Urgent Question): To ask the Chancellor of the Exchequer if she will make a statement on the Mansion House accord.